Building a new home can be a life changing experience. Depending on how well-prepared you are and how good you are at running projects, it can either be a nightmare or quite fun. But dull and boring it will not be, because it will require your attention and input.
As a home builder, one thing that will be very important to you is how to cut costs. Building a home can be very costly and there will be so many unforeseen and hidden costs that can cause you to easily exceed your budget if you are not careful. However, with careful planning and prudence, you can find ways to cut costs. Here are 5 money saving tips for building your dream home:
1. Buy land that is considered undesirable: The first thing you will need when building a house is land. The price of land differs depending on location. It can be exorbitantly high in prime commercial and residential areas. But you can buy land below market price in areas that may be less desirable to some people. Don’t forget to negotiate to get a cheaper price.
2. Choose a stock house plan: If you have always had a certain dream for your new house, your first impulse may be to have a plan custom-drawn by an architect. That can be quite expensive, so consider using a stock house plan instead. Many brokers have a large collection of stock plans that either cost nothing or a fraction of a custom-drawn plan. You can customize these plans to suit your needs.
3. Minimize expensive features: When building a house, a lot of your budget will go into features that are nice to look at but may not be necessary. Things like ornately coffered ceilings, multiple-pitch rooflines, and angled or oval structures certainly add beauty to your house, but they can be a drain on your money. If you want to save money, remove all the expensive features and stick to only those that are absolutely necessary. You can always add many of these money-draining features later on down the road.
4. Hire only certified contractors: Certified contractors may be expensive, but think of the experience they have, as well as the contacts. Chances are they know suppliers, and subcontractors. They know where to get the materials cheaply and how to get things done inexpensively. If you can build a good rapport with them, they can even give you money-saving ideas every step of the way, even if it means lowering their own profit margin.